Introduction to Live Streaming Shopping
According to figures, e-commerce revenues are expected to grow to USD 6.54 trillion in 2022 which is almost double from 2019. Live online shopping is becoming increasingly convenient, and shoppers thus appreciate it. The reason for this is two-fold: first, the number of consumers gaining access to internet devices is growing each year. Secondly, it is just too simple to browse and shop online these days.
What is Live Streaming Shopping and where did it come from?
Live Streaming Shopping is a new commerce technology that leverages live video streaming to connect buyers and sellers in real-time.
At the beginning of the 1980s, the Home Shopping Network started to innovate on cable TV. Initiated by a former DJ who started selling can openers on live radio, HSN introduced a televised sales pitch for consumer goods. Today no one talks about this in the world of marketing rather we speak about live commerce which is very much similar to televised sales. Like many technologies, Livestream e-commerce has its origin in China, where it got democratized.
The live shopping phenomenon expanded to more traditional businesses such as China’s rural farmers and traders to help sell fresh produce and village products online. Closer to home, live commerce has been adopted by modern entrepreneurs to sell seafood via live stream shows.
Mobile penetration and mobile usage habits have made it effortless for e-commerce brands to switch to live streaming shopping platforms.
Live Shopping Market Forecasting
Various e-commerce brands today are utilizing video commerce to spoon-fed information, customers are looking for before making a purchase.
Countries such as China, the US, and even India have retail companies that are now focusing on offering an alternative way of selling products online. Hence more and more brands are switching to live streaming-commerce.
Furthermore, many brands consider Live shopping as even Virtual Reality (VR) that gives your buyers the real feel of products without having to step out.
According to a report by Qin An, head of the Beijing-based Institute of China Cyberspace Strategy, 265 million Chinese internet users buy goods via live shopping in starting 2020. This figure amounts to 47% of the total stream viewing audience.
Hence, the year 2021 seems to be more of Live online shopping than just physical retail and e-commerce.
Live stream shopping success stories
Live stream shopping campaigns helped Sunning sell over 30,000 high-end air conditioners in a blink of an eye.
L’Oreal also leveraged live video commerce during single’s day where they asked a top influencer to stream for 17 hours per day, 392 hours in total, which generated over 10.34 million orders.
During the same event American influencer, Kim Kardashian West live-streamed alongside Viya, and managed to sell 15,000 perfume bottles in just a few minutes.
Burberry also invited Xiaoyue Cheng to live stream at the Shanghai store. This live show generated 1.4 million viewers and had all their featured products sold out.
More than a sales channel, live stream shopping offers brands direct and authentic real-time connections with their customers. Brand hosts can help shoppers select the most suitable products and hence this makes shopping more realistic and convenient for buyers.
Furthermore, an influencer your brand is collaborating with can share your live show link with their followers and communities, extending the brand’s reach and reducing user acquisition costs.
The pandemic has given a major boost to video commerce, even for businesses that previously had little reason to sell online.
Channelize.io Live stream shopping solution offers clear benefits to your brand which can help you achieve heights. With our solution merchants can showcase their product via live video, answer buyers’ questions in real-time and even carry out live promotional offers to encourage them to buy products.
This way you can offer a way to provide the brand experience virtually and reassure shoppers about the quality and authenticity of products.
Live Streaming for retail is the present and you surely need to invest in this technology to provide the real feel of the products to your audiences. This will help you to keep up with the competition and progress.
Whether you are looking to upgrade your existing e-commerce app with Live streaming commerce or want to develop a new Live stream shopping app, we are here to help you with the entire process.Connect with us with your business requirements at firstname.lastname@example.org.